The European Commission has opened access to loans for young businesses’ sustainability projects.
It is encouraging Member States to double their investments in the sector.
Development funds will support sustainable urban projects, for example in public transport, energy efficiency and the regeneration of urban areas. Projects must be financially viable and have plans in place.
Total investment combining public and private resources can amount to up to €20 million (£16.8m) per project, the Commission stated.
Support will take the form of a loan with a contribution of at least 30% from private capital.
Regional Policy Commissioner Corina Crețu said: “Financial instruments are an efficient way to invest in new ideas, businesses and in the talent of EU citizens while using less public resources. Their potential to mobilise private capital is huge and it should be fully exploited.”